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Sep 30, 2024
D-Wave Q3 2024 Earnings Report
D-Wave's financial performance decreased compared to the previous year, with a decline in revenue and gross profit, but QCaaS revenue increased.
Key Takeaways
D-Wave reported a decrease in overall revenue for Q3 2024, with total revenue at $1.9 million, a 27% decrease year-over-year. However, QCaaS revenue increased by 41%. The company's net loss increased to $22.7 million, and GAAP gross profit decreased by 32%.
Q3 revenue was $1.9 million, a decrease of 27% year-over-year.
QCaaS revenue increased by 41% year-over-year, reaching $1.6 million.
GAAP gross profit decreased by 32% year-over-year, totaling $1.0 million.
Net loss increased by 41% year-over-year, amounting to $22.7 million.
D-Wave
D-Wave
Forward Guidance
D-Wave expects the fourth quarter revenue and bookings to improve over the third quarter revenue and bookings. The company reiterates the full year 2024 Adjusted EBITDA Loss financial guidance.
Positive Outlook
- Expects Q4 revenue to improve over Q3 revenue.
- Expects Q4 bookings to improve over Q3 bookings.
- Reiterating full year 2024 Adjusted EBITDA Loss financial guidance.
- Fiscal 2024 Adjusted EBITDA Loss is expected to be less than the fiscal 2023 Adjusted EBITDA loss of $54.3 million.